As Theresa May's government finally made some tax cuts, scrapping Stamp Duty on homes up to 300,000 - here's why Inheritance Tax should be the next target.
It doesn't help inequality
According to a recent the Times article; IHT actually entrenches inequality rather than beating it. Even a small amount of inheritance can have a huge impact on the wealth and living standards of a poorer family. By focussing simply on the fortunes of the 1%, we miss the fact that across the economy, inheritance spreads wealth rather than concentrating it.
We shouldn't tax people after death
Inheritance Tax is the big government policy of the century. Why on earth should government take it upon itself to tax people, most of whom have worked hard and paid tax their entire life, from beyond the grave? It preys upon benefactors of inheritance at a time of mourning, and is a slap in the face to anybody who has worked hard to provide for families - after all, for many, that is exactly why they work; to provide. Inheritance Tax removes that.
The UK lags behind others
Even in countries with high levels of social mobility and general prosperity, such as Sweden and Norway, Inheritance Tax has been scrapped. The UK, then, is lagging behind in this regard - and must take its lead from countries with proven track records on public services, general wellbeing and social mobility.
It needlessly complicates the UK's tax code
Dia Chakravarty, previously of the Taxpayers' Alliance, notes that although IHT only makes up 1% of government revenue, it makes up a huge 10% of our already over-complicated tax code. Post Brexit promises to deregulate some constraints on business should also account for the tax code, which needlessly confuses thousands.
It hits the middle classes the most
Those who IHT is targetted at - the top 1% - are naturally able to pay for sneaky accountants and tax plans that minimise the affects of IHT. Indeed, it's the middle classes who are hurt most by this, despite a far stronger need to pass wealth on to children.
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